Key Highlights

  • Diamondback Energy ranked first with third quarter 2026 Revenue of $5.431 billion and Net Income of $1.603 billion.
  • Williams reported net income of $700 million on revenues of $3,223 million, up about 10.3% (calculated).
  • Crescent Energy posted revenue of $1.351 billion, up 56%, but a $0.6 million net loss after a $405.8 million derivative loss.
  • Transocean was the only company of the five with lower revenue, down about 8.9% (calculated) to $937 million.
  • Viper Energy grew total Operating Income 58.1% (calculated) to $661 million, the fastest of the group.

Which Energy Companies Reported the Highest Revenue for the Third Quarter of 2026?

Five energy companies that reported around Nov 2, 2026 are ranked here by third quarter revenue, highest first. All figures are in U.S. dollars for the quarter ended Sep 30, 2026. Bases differ: Transocean's figure is contract drilling revenue, and Viper Energy's figure is total operating income, which its article treats as its revenue measure.

Diamondback Energy (NASDAQ:FANG) ranks first at $5.431 billion, up 38.4%, with net income of $1.603 billion. Williams (NYSE:WMB) is second at $3,223 million, up 10.3%, with net income of $700 million. Crescent Energy (NYSE:CRGY) ranks third at $1,351.2 million, up 56%, but reported a net loss of $0.6 million.

Transocean (NYSE:RIG) follows at $937 million, down 8.9%, with net income of $26 million. Viper Energy (NASDAQ:VNOM) ranks fifth at $661 million, up 58.1%, with consolidated net income of $300 million. Several growth rates, including those for Diamondback, Williams, Transocean and Viper, are calculated figures per the articles.

1. Diamondback Energy: How Did Permian Output Produce a $1.603 Billion Profit?

Diamondback reported revenue of $5.431 billion, up 38.4% (calculated) from $3.924 billion, with net income attributable to the company of $1.603 billion, or $5.69 per diluted share. Oil production averaged 525 MBO/d, flat with the second quarter, and the realized oil price was $87.30 per barrel versus $64.60 a year earlier.

Free Cash Flow was $2.148 billion on cash Capital spending of $1.0 billion. The board raised the annual base Dividend 7.3% to $4.72 per share, with the $1.18 quarterly payment due Nov 19, 2026.

Full-year oil production guidance was lifted to about 524 MBO/d from 522+ MBO/d, and capital spending guidance to $3.95 billion to $4.00 billion. Net Debt was $12.817 billion at Sep 30, 2026, and the company redeemed $698 million of senior notes on Oct 1.

2. Williams: What Did a Haynesville Deal and a Power Stake Sale Do to Third Quarter Results?

Williams filed its Quarterly Report showing revenues of $3,223 million, up about 10.3% (calculated) from $2,923 million, and net income attributable to the company of $700 million, or $0.56 per diluted share. Service revenues rose $198 million to $2,319 million.

The company closed its roughly $5.1 billion Haynesville gathering Acquisition on Sep 3, 2026, which contributed $113 million of revenue in its first four weeks. In July 2026 it sold a 49% noncontrolling interest in five power projects for $5.34 billion of committed capital, receiving $3.74 billion that month.

Modified EBITDA of reportable segments rose about 8.4% (calculated) to $2,032 million. The article notes that no Earnings guidance appears in its files, only a 2026 growth spending range of $7.3 billion to $7.9 billion, and total Liquidity was $6,506 million.

3. Crescent Energy: Why Did $478.7 Million of Operating Income End in a Net Loss?

Crescent reported revenue of $1.35 billion, up 56%, and income from operations of $478.7 million versus $30.8 million a year earlier. A loss on Derivatives of $405.8 million, against a prior-year gain of $55.7 million, and $94.2 million of interest expense left a net loss of $0.6 million.

Production averaged 328 MBoe per day versus 253 a year earlier. Adjusted EBITDAX rose 62% to $785.8 million, and levered free cash flow rose 79% to $366.7 million. Long-term debt fell to $4.72 billion from $5.52 billion at the end of 2025.

On Oct 8, 2026, the company agreed to buy Eagle Ford Assets from a large producer for about $4.2 billion in cash. The article draws only on a quarterly filing, with no press release or call, so no guidance was available.

4. Transocean: Can Backlog of $8.0 Billion Offset Lower Utilization?

Transocean reported contract drilling revenue of $937 million, down about 8.9% (calculated) from $1.028 billion, mainly on lower rig utilization. Net income was $26 million, or $0.02 per diluted share, versus a loss of $1.923 billion a year earlier that included a $1.913 billion impairment.

Adjusted EBITDA was $313 million, a 33.4% Margin versus 38.7% a year ago. Fleet utilization was 74.7%, with ultra-deepwater utilization at 67.6%. Free cash flow was $131 million, and the company retired the remaining $200 million of notes tied to a drillship.

New fixtures added about $2.0 billion, lifting backlog to roughly $8.0 billion, and 2027 contract coverage is about 95%. Guidance calls for fourth quarter revenue of $915 million to $965 million and full-year 2026 revenue of $3.90 billion to $3.95 billion.

5. Viper Energy: What Lifted Operating Income 58.1% and Net Income to $300 Million?

Viper reported total operating income of $661 million versus $418 million, a calculated increase of 58.1%, led by Royalty income of $656 million. Consolidated net income was $300 million, compared with a net loss of $197 million a year earlier that included a $360 million impairment. Net income attributable to Viper was $140 million, or $0.72 per diluted Class A share.

Daily production averaged 69,076 barrels of oil per day, or 141,152 barrels of oil equivalent, at an unhedged realized oil price of $87.65. September mineral purchases of about $529 million and a pending $280 million cash deal bring the cash portions to about $809 million (calculated).

Full-year 2026 oil production guidance rose to 67,250 to 67,750 barrels per day, and fourth quarter guidance is 70,000 to 71,000. A base Cash Dividend of $0.50 per Class A share is payable Nov 19, 2026.

Energy Revenue Ranking: How Large Is the Gap Between the Top and Bottom?

Combined revenue for the five was $11,603.2 million (calculated), with the top two accounting for about 74.6% (calculated). Diamondback's figure was roughly 8.2 times Viper's (calculated), and Diamondback was about 1.7 times Williams (calculated).

The simple average growth rate was 30.8% (calculated), with a spread of 67.0 percentage points (calculated) between Viper at 58.1% and Transocean at negative 8.9%. Growth leaders Crescent and Viper both credited acquisitions or higher volumes, while Transocean cited lower utilization.

Profit conversion also varied. Combined net income was $2,628.4 million (calculated), though Viper's $300 million is consolidated, and Crescent was the only company near break-even. Net income as a share of revenue was about 29.5% at Diamondback and 21.7% at Williams (both calculated).

What to Watch Next: Dividend Dates, a Pending Combination and Acquisition Closings in Energy

Diamondback and Viper both pay dividends on Nov 19, 2026, to holders of record on Nov 12, 2026. Crescent's quarterly dividend of $0.12 per share is payable Nov 30, 2026, to holders of record on Nov 16, 2026, and its $4.2 billion Eagle Ford purchase is expected to close in the fourth quarter of 2026 or early 2027.

Transocean expects its pending combination with another offshore driller to close on Dec 1, 2026, with all regulatory approvals received. Viper expects its $280 million cash and share acquisition to close in the fourth quarter, with no exact date given.

Williams expects its 556 megawatt Socrates North project online later in the fourth quarter of 2026, and further power-stake sale proceeds are expected through the first quarter of 2027.